Abu Dhabi-based International Holding Company (IHC) announced today the completion of an AED 7.3 billion (USD 2 billion) investment transaction in the Adani Portfolio companies, Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), and Adani Enterprises Limited (AEL).
IHC provided capital to Adani Green Energy Ltd (ADNA.NS), Adani Transmission Ltd (ADAI.NS), and Adani Enterprises Ltd (ADEL.NS), which are all listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India – through the preferential allotment route.
Syed Basar Shueb, CEO and Managing Director of IHC, said: “The deal represents 4.87 percent of the total trade between the UAE and India, which has reached $41 billion between 2020 and 2021.”
“The partnership between IHC and Adani Group greatly reflects the economic ties between the UAE and India beyond the oil sector,” he added.
India’s total electricity generating capacity is more than 390GW, and renewables exceed 100 GW.
Last year at the United Nations Climate Change Conference, the Indian government announced that by 2030 India’s non-fossil fuel capacity would be 500GW.
IHC’s investment will support and accelerate Adani Group’s growth plan to supply the country with 45GW (9 percent of India’s non-fossil energy) by 2030.
Meanwhile, IHC’s shares, which are listed on the Abu Dhabi Securities Exchange, surged by 3 percent in early trading today, reaching a trading value of 60.85 million dirhams at a price of 249 dirhams.